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Cashin In

News/Business. A practical look at money management. New. (CC)

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Obama 7, Eric 6, Us 4, Wayne 4, California 3, Kimberly 2, Cyprus 2, Jonathan 2, New York 2, Tracy 2, Europe 2, Cashin 2, Geico 2, Et Cetera 2, Kansas 1, Nebraska 1, Zimbabwe 1, Rome 1, Benedict 1, Francis 1,
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  FOX News    Cashin In    News/Business. A practical look  
   at money management. New. (CC)  

    March 23, 2013
    8:30 - 9:00am PDT  

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expense ratio and a decent yield. >> bill, real estate has been boy. right? >> you can get the same product in charles schwab for one third the price, it's a little like paying $11 a gallon for gas. >> you like gold and platinum. there is a fund that collects all of these precious metals. >> van guard precious metals buys miners. the reason i like it the nearly successful raid on bank kpas sits in cyprus made the world savers think about other ways to store wealth. >> cyprus. this is at a 12-month low. you are supposed to buy low. >> buy the miners themselves, don't go into this fund. i don't like the expenses. >> your fund is odyssey aggressive growth. why are you aggressive. >> they are basically a big play. look at these. up 15, 20%.
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really low expenses as well. great holdings in this fund. >> you like it? >> yeah. this fund is showing great growth. several analysts have published reports showing that it might underperform this year. >> that's it for forbes on fox. have a great weekend. thanks for watching. keep it here. eric bowling and cashin in. >> confetti cake and candles, the birthday bash for obama care t president's health care law turning 3 years old. and the left couldn't be happier. >> it's helped us honor our promise of life, liberty and pursuit of happiness. >> but as democrats party we're unwrapping more costs hidden in the health care law, a gift now standing 67 inches high, taller than the president when you pile on all of the new regulations. cashen in crashing the party right now.
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>> hello everybody. i'm eric boling. wayne rogers, jonathan and tracy all joining us this week. welcome everybody. don't crack the bubbly yet. it's three years since president obama signed owe bbama care. boy, is it starting to get messy. that's not republicans declaring it messy. that's one of the architects of the law saying it. watch. >> i think we know it's going to be messy. there's going to be things that come up that are unanticipated. >> he's right. we bought this cake the woman there said you know what, obama care, that's why my hours got cut. i guess we can expect more of that. >> you are going to see a lot more of that. this is one example of the direct impact this is having on small businesses and real americans. we had the legislation, people are trying to read it, get through it. now you see the regulations
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piling up and the practical day-to-day impact. coming out right now in the form of a woman trying to make a cake and run a living and a business for herself. >> wayne, there are a lot of things we learned about the obama care law and a lot more. we'll roll through a few of them. this is growing and growing by the day. >> yes. it's too bad the congress didn't learn about it. it's only 2,200 pages, none of them read it. they voted on it. we elected people who are idiots who vote on things they do not read. there is a payroll tax of .9%, investment tax of 3.8%, excise tax of 2.3%, 159 rules to spell out how that tax applies. can you imagine how this is going to northbound this is a nightmare. this is so the federal government can hire millions of people to make this legislation possible. it's idiotic. they should break it and start all over.
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>> 2200 pages turned into 20,000 so far. i remember when president clinton saiddy not have sex with that woman. president obama setd this will not add a single dime to the deficit. >> look, it's going to bring down health care costs. it's amazing people hate so much something that has barely taken effect. most hasn't gone into effect. the american people when asked about the specific provisions in the affordable care act like it. they like tax credits for small businesses to pay for insurance, they like closing the medicare donut hole, they like kids staying on insurance. 80% of people like those and less than 50% know they are in the bill. so stop smearing the bill to tell people what's really in it. >> talk about why this didn't kick in. we had to wait until it got voted back in. they wrote this so that once he's in all the crabby stuff comes out. stuff we're two years in nobody has a clue what a state exchange is, nobody knows what is going to happen to medicare.
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good luck trying to find a doctor or nurse in the next couple years. they waited until the guy got back independent office and bam. >> you buy the number sally threw out that 80% of the people are okay with this? >> are they going to be okay when their premiums rise 100%? that's estimate forward folks in their 20s and 30s, as soon as 2014. this is a birthday party, take this birthday present and bring it back to sender. like medicare, like social security, like all of these government entitlements of course costs will rise. you'll see premiums go up, cuts to hospitals, more and more doctors leaving the practice, and it's no surprise why. a free market is what lowers costs. this puts government more in charge of health care and it's to wayne's point going to ruin it for us all. >> the fox poll t recent fox poll this week says 55% of the people think all or part of it should be repealed. >> i was saying what i'm saying when you tell people what's in the law, you say hey, do you think it's a good idea that small businesses should get tax
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credits to buy insurance. yes. then you say is that in the health care reform law, and over 70% of people said no, it's not. they are wrong. it is in it. that is number two i love jonathan makes my job easy. he blames medicare and social security. medicare does provide health insurance for seniors at a lower cost than the private market and people like it. people like -- >> go ahead, john. >> if there was no private market prior to obama care 50% of health care spending was government. it's now it's going to be 100%. like all of the entitlements costs will go up, services will go down. the real cost won't even be in dollars it will be in people as lives. >> kimberly, let me jump in. part of the law says if you are unwer 150 employees you can get waivers on some of these. aren't we basically telling people it new hire more? >> look at the practical impact. this is going to cycle people that have any entrepreneurial spirit whatsoever, left after
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getting trampled by this administration and all of the regulations on small businesses and now they are kneecapping them with this health care. they have an incentive now to in fact hire less people. they have incentive to reduce the number of hours employees are working like cake makers in order to avoid paying for their health insurance. we're going to become a nation of part-time workers. i don't see how in the big picture this is going to benefit the country or the economy. >> wayne is the first person to repeat this over and over. panelsy pelosi said let's pass so it we can read it. they don't even know the definition of a full time employee yet. is this woman full time? she doesn't know. all she knows is she's probably not getting health care. >> before you answer that, i'm holding a copy of the u.s. constitution in my hand which i carry with me at all times. i page through this time and time again and i can't find anywhere in it that says government can require me to purchase something. >> well, eric, it's unfortunate.
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the government is -- it's a fashous government. they cans for you to do anything they want to. why we're celebrating something that is a horror like obama care is hond me. you're talking about a birthday, i'll tell you what. birthday you see this cookie, well, the cookie crumbles. see. that's what happens. because it's not worth anything. and they should turn around and get rid of it. >> we're laughing but the economy really rests on health care. 16 or 17% of the economy. if this fails this is a grand e parent by obama. if this fails we're in deep trouble. >> everybody says we have to get costs under control. we had to do something. look, i'm glad -- i'm glad you got a cake here eric. because folks on the right opposing this should help themselves to a giant piece of hypocrisy. >> the problem with health care, there is -- there is no preventive in the package. what did they do but increase my bill. >> tracy, we can talk about that. the idea of people taking individual responsibility by being called on to pay for their
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own health care costs -- >> hold on. >> go. >> kelly is practicing a double speak at the highest level. this is not individual responsibility. this is government force. this is government basically monopo lizing with a gun. freedom requires excuse me health care requires free minds to make their own decisions and just the cost to small employers, to offer a certain plan that maybe not all of their employees necessarily want. that's a higher cost, that's why the system was designed to fail. it wasn't to reduce cost, it was to put health care completely in government's control which is why the person who supported it we heard from said yeah, there's going to be problems but we had to get it done. we had to control health care for all. >> you wrap that up in a nice tight package we have to leave it there. thank you. great discussion. coming up, a new plan to fix our roads and bridges. raise the gas tax by a penny. doesn't sound like much. where is all the money we're
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already paying? where is that going? plus, these protesters probably rejoicing and the bell tolls for bell city politician who is got convicted of misusing tax dollars. why is someone here saying this might not be good news after all. license and registration please. what's this? uhh, it's my geico insurance id card, sir. it's digital, uh, pretty cool right?
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hello everybody. the white house urging leaders in congress to find compromise after senate democrats pushing through a budget blueprint this morning. it differs from the budget passed by the house. a major winter storm moving through the plains today spreading up to 12 inches of snow from colorado to kansas and nebraska. that same system set to hit the mid-atlantic tomorrow night, meteorologists will give us the latest forecast. a meeting between pope francis
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and former pope benedict. having lunch at the papal retreat south of rome. more on these and the rest of the top stories including the latest on the president's trip to the middle east. you want to fix those pot holes and pay more. a democratic congressman pushing to hike the federal gas tax a pen tee help fix roads and bridges and lots of states are trying to raise them more. jonathan, aren't we giving them enough money of our own hard earned tax money? why more? >> well, eric, gas is taxed a lot. 49 cents on average per gallon. we're paying in taxes. don't blame the quote unquote eveil oil companies, blame taxes, one of the biggest
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factors when it comes to putting energy in our car. instead of more taxes and more taxes, why not try a tiny bit of freedom and privatize some of the roads. it's done all over europe. that way the costs are borne by the people who use the facility, not sent to washington to hand out to their constituents. >> what do you think, wayne? >> i think it's a great idea. i'm not against this tax. i think a 1-cent tax that actually goes into a highway trust fund, the key word is trust, so it won't get you know, watered out some where. >> the highway trust fund is going broke in two years. you want to keep feeding that beast? >> no. january a than, if you run it on a budget it won't be. i said i'm for it if it's a trust fund meaning there is a budget. >> let me -- >> let me finish. let me make a point about defazio. he raised this in conjunction with job creation.
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it has nothing to do with job creation. if he wants to talk about job creation talk about that but don't talk about a tax on highways as part of a job creation bill. that's dumb. >> let's bring to the table, tracy. >> you pay 50 cents on the gallon in new york. if any one has driven down 48th street you feel your intestines are coming out of your throat. i don't know what they are doing. if you could use this and fix the roads i would give you five cents extra. i keep giving but we can't trust them to spend it properly. >> kimberly, we use 138 or so billion gallons of gasoline a year. we give them a ton. >> that's the point. i don't feel like helping reward them by giving them more money that they are not going to spend properly. like we did with the hard working american taxpayers, giving a trillion dollars for stimulus, et cetera. where are the shovel ready projects? obama is like i guess they weren't so shovel ready, my bad. why are we going to do this?
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do more with what you have already. >> what a great point that kimberly made. $1 trillion in shovel ready. the pot holes were shovel ready. >> i don't have time to address all that. one, we got roads that are broken and need to be fixed. if you privatize those that's a tax too. people rely on the roads to get to work, middle class and low income folks have to pay and may not afford it. we share the costs and it creates jobs. construction jobs are real jobs. >> we threw a graphic up there. $300 billion in the budget for fixing roads and bridges already. but they want to raise more. >> well, eric, a 1 cent tax raises $1.8 billion. if you put it in and it's done on a budget and they finance these things like any private enterprise would do where you say i'm going to okay, i can repair so much this year, next year, et cetera, et cetera, and do it on a rational basis there
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is nothing wrong. the fact that people are stealing the money. >> eric, ever done anything on a rational bases in d.c. >> they built the roads in the first place. >> ideally, they protect our rights, they don't run roads and sally pays a he of poor people not affording the toll. that's not the case in privatized roads, that's not the case throughout europe where this is practiced. i'll tell you it's not just people who will pay the tolls. it will be investors. igs, you can buy -- let me say, invests in public infrastructure all over the world. government doesn't need trun road, the bridges and tax us to pay for it. >> if you look at the states that charge the highest gas tax they are the most broke. connecticut, california, new york, illinois, highest gas tax, wasting your money. >> show me real shovel ready. all i see is shoveling you know
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what. >> leave it there. coming up, guilty of misusing taxpayer money. justice for these who gave themselves outrageous salaries. why are some saying taxpayers may not be happy after all. i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. at od, whatever business you're in, that's the business we're in
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does this ring a bell.
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the outrage after learning bell county, california officials gave themselves high salaries. a jury slamming the gavel on five of six former workers convicting them on multiple counts of misusing public funds. kimberly, will a guilty verdict help taxpayers? >> i don't think it will. this will amount to a slap on the wrist. i'm not sure that it's going to deter any of these public officials from ripping off the taxpayers because the temptation is too great. i think the american taxpayer is going to be vulnerable. keep in mind the big kahuna hasn't been tried. >> sally, the pension system is broken because of unions. why don't we fix that? >> whoa. and it's all guess guys fault. you've got i'm glad these guys were prosecuted. you have hsbc laundering money and profiting, you have jpmorgan that foreclosed on military families. why don't we prosecute them.
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it's a good start. >> go ahead. you don't see the link? >> well, i mean, it's not harder convictions in my opinion, it's smaller government. government is what -- big government is what invites the corruption. instead of protecting people's rights they are involved in recycling and lending money as they were and education and health care, that's what creates the corruption. so shrink government, it shrinks the size and scope and shrink corruption as well. >> wayne, you are huffing and puffing. >> because i don't believe that. if you start locking these guys up and putting them away for good yes, that will stop it. you got five cities in california that are in bankruptcy. you know what that's going to do to the municipal bond market. this money is going to dry up because you have thieves running it. you put them away for good. you electrocute a couple and that will stop it. >> i'm with wayne. look, it's going to make somebody think twice now. for the longest time it's been
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easy, paying bills, going on vacation and no one notices. now shows like this bring it to the forefront. maybe we're making a difference. >> i'm not condoning electrocuting people for stealing, however, i think the problem here is that they were enabling themselves a lot of money because they were doing it through the system, spiking the pension system. maybe it's time to reform that. >> reform is needed for short. >> go ahead. >> i said that's just a suggestion to scare them. i didn't say -- >> we were tongue in cheek. kimberly, i'm sorry. >> we need system wide reform in government and smaller government. >> have to leave it there. thank you for joining us this week. and coming up, most of us only dream of flying first class, except for kimberly. why are we helping pay for the united nations workers to fly the high life. cashin' in, some turbulence. ♪
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